Are You Young, Healthy and Uninsured?

Here's Why You Need to Get Insured Right Now

You're young, you're not going to get sick, so you don't need insurance, right? Wrong! Here's why.

1. Insurance isn't all that expensive

If you think insurance is expensive, you need to learn about high deductible plans!

Here's how my high deductible plan works. As a 27 year old non-smoker, I pay a premium of $55/month. That's much cheaper than lower deductible other plans. The catch is, I have to pay the first $1500 in yearly medical expenses myself. (The $1500 is my deductible)

2. If you do get sick, insurance protects you

So, let's say I got sick and incur $75,000 in medical expenses. How much would I have to pay? Thanks to my insurance, my expenses are capped at $3,000 a year.

3. What happens when you don't have insurance.

So what would happen if I got sick and didn't have insurance. First of all, I would spend all my money paying for treatment. When that ran out, I could go into debt to pay for treatment. Eventually, though, I wouldn't be able to pay any more.

Hospitals are required to give you emergency treatment even if you can't pay. But for chronic conditions, you might not be able to get the treatment you need. It's not fair, and the system is broken, which is why you need to protect yourself.

4. Insurance saves you money

Did you know that doctors and hospitals will rip you off if you don't have insurance? That's right. Insurance companies negotiate a lower rate for their customers, which leaves the uninsured paying more. For instance, when I go to the doctor, he charges $140 but I only pay about $80 because I have insurance. Last year when I needed a CT scan, I payed about $750, but uninsured patients are charged $1500!

5. Get insurance now, while you're healthy!

If you have insurance, the insurance company can't drop you just because you get sick. But if you get sick and don't have insurance, you won't be able to get it. Insurance companies don't like to insure sick people because they want to make money. So if you're healthy, get insurance now. Later, when you actually need it, you might not be able to get it.

6. It's not that much of a hassle

Everyone thinks insurance is a ton of confusing paperwork. In reality it's not that bad. When I go to the doctor, I just give them my card. Later, I get a statement from my insurance company and a bill from my doctor. I don't have to do anything besides just pay the bill.

7. Lots of doctors

It's true that most health plans only let you see doctors within their network. That's so they can negotiate lower rates - a bonus for you! Still, many plans have huge networks, with plenty of doctors. You won't have to worry about finding a qualified doctor.